Hey Traders,

Dollar put in some new lows today coming within a dime of the bottom of the channel posted in last night’s update. Here are short term levels to watch to possibly start building bullish case:

Both short dollar and long gold trades seem overcrowded, but not sure if its wise to chase either at this point. Here is first decent opportunity longer term entry i see on gold:

SP500 remains right in the middle of the wedge, which at this point would be right around 1050:

And the expected dip buyers levels on the way down for ES emini:

Firstly 1019 and then major 1014 retracement and s/r band. Below would be looking for those trendline to act as support.

There are plenty of fx moving news overnight as well as the following domestic market moving news tomorrow:

Good trading to all

Vlad

p.s.
dont forget we get to deal with the pleasures of rolling over the futures contracts for indexes and fx futs this week.

Gold Traders,

as of today there is more volume in the GCZ contract.

Cheers

Unlike past few days, volatility story is a bit different today, especially for some consolidating instruments, here are 10 futures I keep track of and their % of ATR by 8:50am EST.

~Gold
GCQ09    116.8
~FX Futs
SFU09    113.4
CDU09    96.6
ECU09    97.9
ADU09    92.1
BPU09    75.8
JYU09    41.6
~Index Futs
YMU09    70.3
NQU09    56.5
ESU09    45.1

Shaping up to be a fun day already

Cheers

Vlad

Hey Traders,

quick and pretty self explanatory update for Gold:

firstly very short term levels to watch are 50ema hourly, backtest of a trendline and previous s/r level 914. on the upside 200ema hourly (purple line)

Volume cluster right above 200ema hourly lines up with backtest of trendline on the daily chart, on break above 20 and 50 daily emas and top of the channel as biggest expected resistance:

On the downside major support remains 200dma laminated with the lows. Break and close below that level will likely result in a pretty quick retest of 870 lows with downtrend channel on the way down expected to act as support.

Cheers

Vlad

$GC_F gold at over 100% atr, approaching first of resistance levels http://twitpic.com/a8n5l

Hey Traders,

after hanging around long term uptrend line, gold found some support in 200dma area and has consolidated for the past few days in a very narrow range

On the upside will be watching backtest of previous 3 week support line and the upper boundary of the channel. 20 ema crossed back below 50ema (green and red lines) and will present for interesting set ups when laminated with one of the trendlines. This is the first time 20 crossed below 50 in over 3 months. On a bigger move up will be watchign major previous s/r level of 945-948 which is now also a 50% retracement from the highs.

For support will watch the lows and 200dma (purple line), which happens to be right in the area of 50ema on the weekly:

200dma daily is also right in the area of 50ema weekly.  Below key level on the weekly charts will be previous lows and a trendline at ~870. With break below that level likely meaning a trip to 800 multi-year trendline and 200 week moving average.

Cheers

Vlad

Twitter / Vlad: $GC_F Gold new 2 month low ….

Also S3 at 902.3

Hey Traders,

gold continues to consolidate in a wedge on the daily charts:

With highlighted areas being key support and resistance levels on the break out.

On the hourly chart looks like a possible channel is forming with midline laminated with 200ema hourly acting as excellent s/r level:

Will be watching these channels and trendlines closely for direction clues, and will update as new technical developments take place

Cheers

Vlad

Hey Traders,

gold continues to be stuck in the range it has been for the past 3 weeks, considering the somewhat overbought levels would favor a push down to one of the support levels, preferable 200dma to try to pick longs. Here are the s/r levels I see:

Cheers

Vlad

Hey Traders,

Gold volatility has died down ~30% in last two weeks with moving averages also flattening in the same areas on both daily and hourly charts, suggesting consolidation before a big move.

Will be watching for breakout of of the following wedge on the daily with highlighted areas for support/resistance

For short term will be watching the following wedge on hourly charts:

As always will keep updates as new technical developments take place on blog and twitter

Cheers

Vlad

Hey Traders,

Gold made a pretty big move yesterday, but intermediate term is still stuck in 30 pt range on the daily charts:

On break below will be watching rising 200dma, on break above retracement levels from highs.

Short term on hourly charts, it would need to get above resistance band, retracement zone and 50 & 200 hourly emas in mid 930s on hourly charts:

CHeers

Vlad